In a long-run equilibrium,economic profits in a perfectly competitive industry are:

Name: In a long-run equilibrium,economic profits in a perfectly competitive industry are:
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Question

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In the long-run, new firms can enter or existing firms can exit the industry. This process will continue until all firms earn zero economic profit, as there are no barriers to entry or exit. Therefore, in the long run, economic profit in a perfectly competitive industry will be zero.

In a Long-Run Equilibrium,economic Profits in a Perfectly Competitive Industry